Importance of Research
Importance of Research
Research in business is important. In business, people carry out research in order to understand the strategic position of a business. Professionals or experts in business can make reactionary decisions without information from business research. Research helps in understanding that the process itself is decision-and dilemma-centered. It also assists in the understanding that the clarified research question is the consequence of cautious exploration and evaluation and establishes the direction for the process of research (Sekaran & Bougie, 2010). It helps in comprehending how value evaluations and budgeting affect the proposing process and establishes the problems of the research process that should be avoided. It sets out what should be entailed in research design, the collection of data, as well as, data analysis. Research in business is, therefore, decision-and dilemma-centered. Good research is that which accomplishes the goals and objectives of the business and which has no questions regarding its validity and reliability.
Importance of Research
Business research is important because of a number of reasons. Comprehending the business position necessitates a variety of perspectives including exploring the feasibility of taking a new model for a specific division, entire organization, or just one business routine or product. Carrying out a study would be important as it would indicate how other organizations are poised to acquire fraction of another organization’s share of the market (Sekaran & Bougie, 2010). Research is, therefore, important because an organization can establish opportunities and threats that surround it. Opportunities assist organizations in prospering and growing while threats endanger organizations’ positions. In extreme cases, threats put organizations out of business.
Some projects related to business are aimed at answering some questions including whether an organization can afford to undertake an action. Government, business, and non-profit decision makers might apply this model particularly for budget related decisions. Collected data from business research enables managers to carry out an effective cost-benefit evaluation or analysis that assists in weighing benefits against costs. If the evaluation is not carried out, managers must apply other variables or factors in making a decision(Cooper & Schindler, 2011). It is, however, important to note that not all projects of business research examine projects that are already under way. Organizations must use the research and development process in examining new services and products they can offer to the market. In this case, a business research project is crucial as it unites individuals from distinct parts of the organizations such as project managers, engineers, scientists, marketing and financial executives and professionals. This may lead to the identification of a new product that will make the organization more beneficial.
Businesses and organizations should establish a balance between their accountability to the public and their secret projects (Cooper & Schindler, 2011). Organizations face general issues and questions from crucial stakeholders such as shareholders, investors, consumers, and government regulators. For instance, a contractor from the military could spend large sums of money creating a new helicopter for the military of the U.S. Suppose the Congress decides to reduce the budget for purchasing this helicopter from the contractor, the organization can be left with sums of cash to spend on the process of research and development while there is no return on investment.
Research is not a one-step process, and; therefore, involves a number of stages. The first stage is clarifying the research question. This is what takes the researcher from dilemma to investigative questions (Anderson, 2013). This is an issue or opportunity that necessitates a business decision. The dilemma that surrounds this problem is a symptom of a real problem facing the organization. The next stage is proposing the research and involves research allocation and budgets. A guide must be provided t assist in project planning, data collection, analysis, interpretation, and reporting. The valuation methods to be applied should not contradict the validity and reliability of the research. The third stage is the designing of the research project and involves determining the research design, the sampling design, and carrying out pilot testing (Anderson, 2013). These are essential in ensuring that the research moves to the next stage which is data collection and preparation. After data has been gathered, the researcher now performs data analysis and interpretation. The sixth and last stage in the research process is reporting the results of findings of the study. The process of research is not an easy one and may be challenged by a number of issues. To avoid such, the researcher should avoid un-researchable problems and procedures that might affect the reliability and validity of the research.
Conclusion and Recommendations
Research in business is decision-and dilemma-centered. Good research is that which accomplishes the goals and objectives of the business and which has no questions regarding its validity and reliability. Research is useful to organizational stakeholders, both internal and external stakeholders. The research process is not a one time or one step procedure that involves six stages that are clarifying the research question, proposing research, designing the research project, data collection and preparation, data analysis and interpretation, and reporting the findings. The researcher should, however, avoid un-researchable problems and procedures that might affect the reliability and validity of the research in order to ensure that the objectives of the research are attained.
Anderson, D. R. (2013). Quantitative methods for business. Mason, Ohio: South-Western, Cengage Learning.
Cooper, D. R., & Schindler, P. S. (2011). Business research methods. New York: McGraw-Hill/Irwin.
Sekaran, U., & Bougie, R. (2010). Research methods for business: A skill-building approach. Chichester: Wiley.